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Chesapeake Establishes Office Of Chairman; Names Steven Dixon Acting CEO

Chesapeake Energy Corp. (CHK) said Friday that its Board of Directors has established a three-person Office of the Chairman while continuing its previously announced CEO search process with the assistance of Heidrick & Struggles.

The Office of the Chairman includes: Archie Dunham, Non-Executive Chairman of the Board; Steven Dixon, who has been named Acting Chief Executive Officer in addition to his continuing role as Chief Operating Officer; and Domenic Dell'Osso Jr., Chief Financial Officer.

As part of Chesapeake's previously announced succession plan, the members of the Office of the Chairman have been working closely to transition oversight of strategic, operational, and financial matters as well as certain day-to-day management responsibilities from Chief Executive Officer Aubrey McClendon, who has previously agreed with the Board to retire on April 1.

Chesapeake has been under scrutiny from federal regulators and investors after McClendon was found to have taken loans of more than $1 billion from private equity firm EIG Global Energy Partners LLC, using his stake in the company's drilling wells that were obtained under a controversial program.

The company, the second-largest natural gas producer in the U.S, has said that its extensive probe of alleged conflicts of interest involving McClendon has not revealed any improper conduct.

by RTT Staff Writer

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